Coal India shares hit five-month low on stake sale buzz
Shares of Coal India today slumped over 5 percent in afternoon trade, following reports that the government may sell up to 10 percent stake in the world's largest coal producer next fiscal.
Mumbai: Shares of Coal India today slumped over 5 percent in afternoon trade, following reports that the government may sell up to 10 percent stake in the world's largest coal producer next fiscal.
After making a weak opening, shares of the company further tanked 6 percent to Rs 300.50- its 52-week low- on the BSE. Similarly at the NSE, the stock tumbled by 6.26 percent to Rs 299.95. The scrip was the biggest loser on Sensex and Nifty during the morning trade.
Shares of CIL had closed at Rs 320 apiece on the BSE on Friday. At that price, a sale of 56.84 crore shares, or 10 percent, of government holding, could fetch over Rs 18,000 crore to the exchequer. CIL will be the biggest disinvestment for the government in 2013-14. The government plans to raise Rs 40,000 crore by way of PSU stake sale next fiscal.
The government currently holds 90 percent stake in CIL. CIL got listed on the bourses in 2010 through an initial public offering, through which the government raised Rs 15,199 crore by selling 10 percent stake.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
‘Why wait 18 days?’: Delhi HC slams Kejriwal govt for not acting quickly enough to curb spike in COVID-19 cases
The high court was hearing a PIL by advocate Rakesh Malhotra seeking increase in the COVID-19 testing numbers in the National Capital and getting speedy results
The high court said the third wave of the infection was already underway in the National Capital and allowing a large gathering would result in people becoming 'super spreaders'
Addressing a rally in the Purnia district last week, Nitish had said that the 2020 polls would be his "last election". However, on Thursday he said that he had meant the "last rally" of the election